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7 July 2006
Melbourne: Esso Australia Resources Pty. Ltd., a
subsidiary of Exxon Mobil Corporation, today announced that the Kipper project
participants had accepted the offer of a production license from the Joint
Authority.
The Kipper Project participants are Esso Australia
Resources Pty. Ltd., (operator) and subsidiaries of BHP Billiton and Santos
Ltd.
ExxonMobil Australia Chairman Mark Nolan noted that the
acceptance of a production license was another important project milestone in
the development of the field.
“This decision is another
important step for the Kipper Project toward entering FEED and consideration
of a final investment decision in 2007,” Mr Nolan said.
"The Kipper project has the potential to be one of the largest gas
developments to come on stream in Victoria in the near term.
“Along with the additional 700 billion cubic feet of gas identified in Bass
Strait in 2004/05, it will underpin future growth in ExxonMobil's gas sales,”
Mr Nolan said.
The Kipper field is located in 100 metres of
water, approximately 45 kilometres from Ninety Mile Beach on the Gippsland
coast, and has a confirmed resource of approximately 620 billion cubic feet of
recoverable gas and 30 million barrels of condensate/LPG.
The initial Kipper development concept is based upon the installation of a
number of subsea wells and associated pipelines. The gas and liquids will be
processed using Esso and BHP Billiton facilities.
First gas
is planned to start before the end of the decade subject to corporate funding
approvals by each of the Kipper participants.
Media contact:
Rob Young 03 9270 3443 / 0438 080 998
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